Cabinet approves transfer of HMT Watches land to ISRO

Cabinet approves transfer of HMT Watches land to ISRO

New Delhi: The Union Cabinet, on Friday gave approval for the transfer of HMT Watches' land at Bengaluru and Tumkur measuring 208.35 acres to the Indian Space Research Organisation on payment of Rs 1,194.21 crore and applicable taxes and duties, a cabinet communique said.

The Cabinet, chaired by Prime Minister Narendra Modi, also approved transfer of Bangalore (Global Warehouse) land of HMT measuring one acre to Gas Authority of India Limited (GAIL) on payment of Rs 34.30 crore and applicable taxes and duties, an official statement said.

The proceeds from sale of land will be deposited by the company in government accounts against the loans and advances, after meeting the immediate liabilities and accounting for tax liabilities arising out of the transaction.